• Home
  • Politics
  • Sports
  • Trending
  • Entertainment
  • Book Reviews
  • Login
  • Register
Clever Read.
Advertisement
ADVERTISEMENT
No Result
View All Result
  • Home
  • Politics
  • Sports
  • Trending
  • Entertainment
  • Book Reviews
No Result
View All Result
Clever Read.
No Result
View All Result
Home Business

Over $70 bn wiped off global crypto market, Bitcoin drops below $20,000

Clever Read by Clever Read
March 13, 2023
in Business
0
14
SHARES
283
VIEWS

Over $70 bn wiped off global crypto market, Bitcoin drops below $20,000

Crypto Exchange Nuri GmbH Files For Insolvency In Germany
The collapse of three banks, including US-based giant Silicon Valley Bank (SVB), hammered the global crypto market in less than a week, wiping out more than $70 billion as Bitcoin plunged below $20,000 a coin.

On Monday, Bitcoin was hovering around $18,000 and Peter Schiff, CEO of Euro Pacific Capital, predicted that the world’s largest cryptocurrency would soon drop below $4,000.

Two crypto-friendly banks, Silvergate Capital and Signature Bank, collapsed last week, leaving behind billions of dollars belonging to crypto exchanges.

Signature Bank was closed by New York regulators and all of Signature Bank’s depositors were “made whole.”

As of December 31, 2022, Signature Bank had $88.59 billion in deposits and the New York Department of Financial Services has acquired the bank.

Leading crypto exchange Coinbase had $240 million in cash in Signature Bank.

“As of the close of business on Friday March 10, Coinbase had approximately $240m of corporate cash on hand at Signature. We expect to recover these funds in full, as stated by the FDIC,” the crypto exchange said in a tweet.

Circle, the company behind the USDC stablecoin, has been hit by the closure of Signature Bank.

Its CEO Jeremy Allaire said in a tweet that due to the closure of Signature Bank, “Signnet will no longer be able to process minting and redemption, relying on settlements through BNY Mellon”.

“Additionally, we will soon bring on board a new transaction banking partner with automated minting and redemption capabilities. We are committed to building robust and automated USDC clearing and balance operations,” he added.

Crypto giant Circle also sunk $3.3 billion into non-crypto bank SVB, which collapsed last week, sparking panic in the tech industry.

Bankrupt crypto lender BlockFi also has $227 million in funds tied up in SVB.

Top cryptocurrency exchanges Binance and Coinbase temporarily halted USDC stablecoin conversions after SVB’s collapse.

Another US traditional bank, Silvergate Capital, announced last week that it would “wind down its operations and voluntarily liquidate” its banking unit.

Interest rate hikes in the past year have adversely affected risk assets such as cryptocurrencies.

Previous Post

‘The Elephant Whisperers’ triumphs at Oscars 2023, director dedicates award to ‘motherland India’

Next Post

Same-Sex Marriage Issue Of “Seminal Importance”: Supreme Court

Clever Read

Clever Read

Related Posts

self publishing

Top self book publishing companies in Chennai-Clever Fox Publishing

by Clever Read
August 31, 2023
Business

12 Companies Benefitted From Short Selling In Adani Group Shares: Report

by Clever Read
August 29, 2023
Technology & Media

TCS Reacts After Report Claims Staff Warned Over Work-From-Office Rule

by Clever Read
June 1, 2023
Business

RBI’s balance sheet grows 2.5 pc to Rs 63.45 lakh crore in FY23

by Clever Read
May 30, 2023
Technology & Media

Video: Anand Mahindra Impressed By This Unique Inflatable T-Shirt For Kids

by Clever Read
May 26, 2023
Next Post

Same-Sex Marriage Issue Of "Seminal Importance": Supreme Court

ADVERTISEMENT

Premium Content

Odisha crime branch finds UP board links in fake certificate scam

April 25, 2023
Twitter Launches the Next Stage of its Custom Timeline Experiment, Fueled by Alternative Feed Algorithms

Twitter Launches the Next Stage of its Custom Timeline Experiment, Fueled by Alternative Feed Algorithms

July 14, 2022

Biden Says He Is “Feeling Great” As Covid Symptoms Ease

July 25, 2022

Browse by Category

  • Astrology
  • Authors Interview
  • Book Fair
  • book launch events
  • Book Reviews
  • Business
  • Cooking
  • crime
  • defense
  • education
  • Entertainment
  • Fashion
  • Fiction & Literature
  • Food
  • Health
  • Hybrid publishing
  • Lifestyle
  • Parenting & Children
  • Poetry
  • Politics
  • pr
  • Self Help
  • self publishing
  • Social media trends
  • Sports
  • Technology & Media
  • Travel
  • Trending
  • World

Browse by Tags

#booksmantra #sciencefiction authors BJP bookauthors bookpublisher Chatterjee Children children's book author children's book illustrated children's book children's book marketing Children book publisher in Bangalore Children book publisher in India self-publish Congress covid Draupadi Murmu Google News House Hybrid Publishing-Clever Fox India India News india news today ISRO Joe Biden Lok Sabha Murmu myanmar Narendra Modi NIA Parliament Partha Chatterjee publishing books Rajya Sabha Ram Nathi self book publishing Sri Lanka The Best Book Publishers in India the path of fire The Tim Ferris Show today's fresh news Today's news ukraine vikram world Yashwant Sinha
Book Reviews

A Remarkable Journey of Resilience – ‘What Next: The Art of Bouncing Back’

by Clever Read
September 29, 2023
0

A Remarkable Journey of Resilience - 'What Next: The Art of Bouncing Back' "What Next: The Art of Bouncing Back"...

Read more

September 29, 2023

Unveiling the Talented Voices of Tomorrow: Young Authors Making Their Mark

September 28, 2023

Breaking: Shubman Gill and Shardul Thakur rested from third ODI against Australia at Rajkot

September 28, 2023

The Art and Craft of Authors: Navigating the Path of Writing

September 25, 2023
Clever Read

Get the latest information on news, trending topics, books, and social media trending reels.

© 2022 Cleverread - Clever Fox Publishing.

No Result
View All Result
  • Home
  • Books
    • Book Reviews
    • Trending
    • Astrology
    • Business
    • Fiction & Literature
    • Parenting & Children
    • Self Help
    • Cooking
  • Entertainment
  • Social Media Trends
  • PR
  • Interviews
  • News
  • Contact us
  • About us

© 2022 Cleverread - Clever Fox Publishing.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?